S.L. 399.48 Art. 13Accounting separation and financial reports.

(1) An undertaking providing public electronic communications networks or publicly available electronic communications services which has special or exclusive rights for the provision of services in other sectors in Malta or in another Member State, shall:

(a) keep separate accounts for the activities associated with the provision of electronic communications networks or services, to the extent that would be required if those activities were carried out by legally independent entities, in order to identify all elements of cost and revenue, with the basis of their calculation and the detailed attribution methods used, related to such activities, including an itemised breakdown of fixed assets and structural costs; or

(b) have structural separation for the activities associated with the provision of electronic communications networks or services:

Provided that the Minister may, after consultation with the Authority, by order in the Gazette establish that the requirements referred to in this sub-regulation do not apply to undertakings which have an annual turnover of less than fifty million euro (€50,000,000) or any such inferior amount as the Minister may, after consultation with the Authority, establish in the Gazette in activities associated with electronic communications networks and, or services in the European Union.

(2) Where an undertaking providing public electronic communications networks or publicly available electronic communications services is not subject to the requirements of national company law and does not satisfy the small and medium-sized enterprise criteria of European Union law accounting rules, its financial reports shall be drawn up and submitted to independent audit and published. The audit shall be carried out in accordance with the relevant European Union and national rules:

Provided that the provisions of this sub-regulation shall also apply to the separate accounts required under paragraph (a) of the sub-regulation (1) of this regulation.